Dollar stands strong across the board, with the GBP/USD a few pips above critical 1.6950 level, June 25th daily low. Early data was pretty uneventful when it comes to price reaction, as UK GDP readings met expectations, triggering no reaction on the pair. Despite heavy, the lack of follow through is pretty discouraging so far and further price confirmation is required to see an extension of current bearish move.
From a technical point of view and according to the 4 hours chart, the downward potential remains intact, with price well below 20 SMA and 200 EMA, and momentum heading strongly south in negative territory. Therefore, a price acceleration below mentioned support should favor more slides, down to 1.6900/10 price zone.
Immediate resistance stands at 1.7000, with gains above it signaling a probable retest of 1.7050. Above this last, next resistance comes at 1.7095, albeit chances of such advance seem limited for this last day of the week.
View Live Chart for GBP/USD
From a technical point of view and according to the 4 hours chart, the downward potential remains intact, with price well below 20 SMA and 200 EMA, and momentum heading strongly south in negative territory. Therefore, a price acceleration below mentioned support should favor more slides, down to 1.6900/10 price zone.
Immediate resistance stands at 1.7000, with gains above it signaling a probable retest of 1.7050. Above this last, next resistance comes at 1.7095, albeit chances of such advance seem limited for this last day of the week.
View Live Chart for GBP/USD
Recommended Content
Editors’ Picks
AUD/USD favours extra retracements in the short term
AUD/USD kept the negative stance well in place and briefly broke below the key 0.6400 support to clinch a new low for the year on the back of the strong dollar and mixed results from the Chinese docket.
EUR/USD now shifts its attention to 1.0500
The ongoing upward momentum of the Greenback prompted EUR/USD to lose more ground, hitting new lows for 2024 around 1.0600, driven by the significant divergence in monetary policy between the Fed and the ECB.
Gold aiming to re-conquer the $2,400 level
Gold stages a correction on Tuesday and fluctuates in negative territory near $2,370 following Monday's upsurge. The benchmark 10-year US Treasury bond yield continues to push higher above 4.6% and makes it difficult for XAU/USD to gain traction.
Bitcoin price defends $60K as whales hold onto their BTC despite market dip
Bitcoin (BTC) price still has traders and investors at the edge of their seats as it slides further away from its all-time high (ATH) of $73,777. Some call it a shakeout meant to dispel the weak hands, while others see it as a buying opportunity.
Friday's Silver selloff may have actually been great news for silver bulls!
Silver endured a significant selloff last Friday. Was this another step forward in the bull market? This may seem counterintuitive, but GoldMoney founder James Turk thinks it was a positive sign for silver bulls.